Fidelity Trust Company (Philadelphia, PA)

Episode Information

Episode UID
3006170885
Episode Type
Run Only
Bank Type
trust
Bank ID
300617 routing
Routing Number
3-0061
Start Date
September 19, 1873
Location
Philadelphia, Pennsylvania (39.952, -75.164)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
acdc49623bbd52ae

Response Measures

None

Events (1)
1. September 19, 1873 Run
Cause
Local Banks
Cause Details
Runs triggered by failures/distress of other prominent houses (Jay Cooke & Co., E. W. Clark & Co., DeHaven & Bros.) and general contagion in Philadelphia.
Measures
Waived usual ten-day notice for some deposits, extended hours (kept open late, offered to stay open until midnight) and paid out large sums to meet demands.
Newspaper Excerpt
The Fidelity Trust Company did not close at three P. M., but continued to meet all demands, receiving checks as late as five o'clock, at which hour over $900,000 had been paid out.
Source
newspapers

Newspaper Articles (10)
1. September 19, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 19, 1873

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The Situation in Philadelphia. [Special Dispatch to the Commercial ] PHILADELPHIA, Sep. 10. The excitement of yesterday has rather subsided than increased, this morning. Confidence in Jay Cooke's integrity and their certainty of meeting all obligations to the fullest extent of the means of the house, and all its partners, has the best effect. E. W. Clark & Co.'s suspension produces no disturbances, as the general belief is that the firm is perfectly solvent. The trifling run on the Fidelity Trust Co. amounts to nothing. There is no run anywhere else. There are several failures of bankers-DeHaven & Bros. and three or four small concerns. Cooke & Co. issue circular to depositors promising to mail a full statement at the earliest day, and assuring them of every effort to liquidate the entire indebtedness, with the least possible delay. There is a general good feeling in the business community, and a disposition to encourage confidence, with the belief that the crisis will speed_ W. ily pass over.

2. September 19, 1873 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 19, 1873

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State securities are neglected. Government bonds are unsettled. Quotations are nominal. PHILADELPHIA, Sept. 19.-The run on the Fidelity Trust Co. continues among small depositors, but confidence is being restored. One depositor with five thousand dollars in the company applied for it, and the ten day notice was waived; after receiving the cash he deposited it again. This company has four thousand depositors and President Brown says is able to meet all demands. NEW YORK, Sept. 19.-E. D. Randolph & Co., bankers of the Penosylvania Central Railroad, and Wm. II. Connor have announced their suspension. WASHINGTON, Sept. 19.-There are no new developments in the failure of Jay Coooke & Co. this morning. No statement of the liabilities and assets can be obtained for several days yet. The failure caused a run on different banks of this city to-day. As early as six o'clock a line was formed in front of the Washington City Savings Bank waiting for that institution to open, the majority of those in line being women, who had small amounts on deposit. The President of the institution was on the ground and addressed the crowd, stating that the bank was perfectly able to pay all demands which is now being done. Later in the day several prominent depositors left the line, feeling perfect security in the institution. There was also a slight ruu on the Bank of Washington, immediately adjoining the Savings Bank, but it has entirely ceased. There is also a run on the Freedmens Bank. There is very little excitement. WASHINGTON, Sept. 19.--Elward L. Stanton, son of the late Secretary of War, has been appointed receiver of the First National Bank of this city.

3. September 20, 1873 The New York Herald New York, NY
Article from The New York Herald, September 20, 1873

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THE RUN ON PHILADELPHIA BANKS. PHILADELPHIA, Sept. 19, 1873. The Fidelity Trust Company did not close at three P. M., but continued to meet all demands, receiving checks as late as five o'clock, at which hour over $900,000 had been paid out. Mr. Browne, President, said he would keep open until midnight if it were necessary, to show depositors that that institution was in a sound condition and able to meet all claims. The Union Bauking Company was run upon up to the hour of closing, three o'clock, at which hour about $500,000 had been paid out. There was a run on the First National Bank, but it did not amount to much. TOUCHING BOTTOM. To-night there is a feeling prevailing that the worst has passed and that to-morrow will witness a decided change for the better. PUBLIC FUNDS SAFE. It is authoritatively stated that neither the State nor the city funds are disturbed, the State and city treasurers having no connection whatever with Jay Cooke & Co. nor any of the endangered houses. CALLING ON PRESIDENT GRANT. President Grant is in town to-night and was waited upon by prominent and influential gentlemen, who, it is said, urge the government to do something to strengthen the money market.

4. September 20, 1873 Wilmington Daily Commercial Wilmington, DE
Article from Wilmington Daily Commercial, September 20, 1873

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JENKINS & ATKINSON. Publisher. WILMER ATKINSON, w For Terms, Etc., See Second Page. Latest General News. Very little remains to be added to the telegrams in last evening's COMMERCIAL, in reference to yesterday's development, in the finanwere no in or cial either flurry. Philadelphia There New further York, suspensions, of any important houses, except that of E. D. Randolph & Co., in the latter city. Quite a number of brokers, and small "operators," squeezed in the stock decline. The run on the Fidelity Trust Company, in Philadelphia, was fairly met, and the bank remained open an hour after time, to meet it. In New York, the Union Trust Co,, and the 4th National Bank were now open. but both declared their soundness and met all demand. At a meeting of Na tional Bank Presidents in New York last night, it was decided to units in support of each other, and disregard the reserved restrictions into-day's dealings. This is expected to relieve the financial community and assist in restoring confidence. A despatch from Washington, received after midnight. announces that the Secretary of the Treasury has directed the Assistant Treasurer at New York to buy $10,000,000 of bonds to day. A dinner in honor of the Army of the Cumberland was at on given Pittsburg, Thursday night. General Sheridan presided, and among those present were President Grant, Generals Sherman, McDowell, Hooker, and other distinguished persons. The President on entering the room Was received with great enthusiasm. President Grant and family will return to Washington in the latter part of next week, to remain for the season. Prof. King's Buffalo bailoon landed. on Thursday evening. near Oxford, in Chenango county, N.Y. The Grand Treasurer of the Grand Lodge of O d Fellows yesterday transferred, through the Western Union Telegraph, a gift of $400 from the Grand Lodge for the suffering of Odd Fellows of Shreveport. The engineers are at length at work, surveying the proposed route of the Breakwater & Frankford R. R. Mr. Jno. B. Wingate and assistant are to run three separate lines and submit estimates of cost of construction before either line is decided upon. The yellow fever continues its ravages in Memphis. and all the trains leaving that city are filled with fugitives. New CASES of fever are reported in all parts of the city, and the Life Associations have forty to fifty persons engaged in attending the sick. The house of William Crouch, near Williamstown. Ky., was burned, on Tuesday night, and hie wife, two children and an orphan, named Dann, were burned to death. At Saxonville, Mass., on Thursday evening, Josiah Bigelow plunged a knife into his wife's throat. inflicting a wound that will probably prove fatal. He then gave himself up to the police. Pierrepont Thayer, a well-known actor. committed suicide at Pioche, Cal., on Thursday, by taking poison. The Terre Haute Iron and Nail Works, at Terre Haute, Ind. was burned yesterday morning. Loss. $175,000. Insurance. $73,000. including $5000 in the Franklin, of Philadelphia.

5. September 20, 1873 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, September 20, 1873

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EASTERN DISPATCHES. [SPECIAL TO THE GOLD HILL DAILY NEWS.] DOMESTIC.INTELLICENCE Purchase of Bonds by the Government Announced. NEW YORK. Sept. 20.--The Union Trust Company suspended at half past ten o'clock this morning. The Sub-Treasurer has posted a notice up. stating that he has been instructed by the Secretary of the Treasury to purchase $10,000,000 In bonds to-day This prompt response of the Government to the request made for relief parently, by banks additional yesterday, strength gives the to weak. ap- the strong and encouragement to A better feeling now prevails, and it looks as If the worst is over. Defalcation and Probable Suspension. NEW YORK, Sept. 20.-The suspension of Fisk & Hatch is said to make probable the embarrassment of the Hoboken Bank for Savings. A defalcation of nearly $70,000 was discovered in the bank lately and the directors disposed of securities to make up the deficiency, depositing with Fisk & Hatch for safe keeping $94,000 of the amount realized. The suspension of the firm makes this sum unavailable at present. Numerous Additional Failures. The failures of Ketchum & Belknap and E.C. Moorhead are the latest reported. The National Bank of the Commonwealth has suspended, and Saxe & Rogers have suspended. A meeting of the creditors of Jay Cooke & Co., will be held next Monday. PHILADELPHIA, Sept. 20. - Third street is comparatively quiet. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company did not open to-day. A notice was placed on the door, which states that owing to heavy demands a suspension of a few days was resolved upon. It sustained a heavy run yesterday. paying out $700,000. It is a State institution. no notes, and the supension only effects depositors. At Jay Cooke's clerks are preparing a statement to be laid before the members of the firm on the arrival of the steamship Russia, on board which are two of the pardners. Still Further Suspensions. NEW YORK. Sept. 20.-New suspension are Toussig & Fisher, M. Meyrs, Miller & Wolsch, Laurens. Joseph Fearing & Dellinger, Williams & Bostwick.

6. September 20, 1873 The New York Herald New York, NY
Article from The New York Herald, September 20, 1873

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THE CRASH IN PHILADELPHIA. General Withdrawal of Deposits-A Serious "Run" on the Fidelity Trust Company-Fallures of Several Houses. PHILADELPHIA, Sept. 19, 1873. In my telegram to the HERALD last evening I said that a rumor was afloat announcing the failare of the banking house of De Haven & Co., and in stating it I had every assurance of its truth from more than one party. They announce their temporary suspension in the following card:We regret to be compelled to announce to-day that, in consequence of a great run upon us for money, we are obliged to suspend payment temporarily. We are abundantly aple to pay all we owe. DE HAVEN & BRO., No. 40 South Third street. They were the Philadelphia agents for placing the bonds of the Union Pacific Railroad Company, and have also been engaged in other large enterprises. If the canard about their suspension had not been given currency, they would undoubtedly have been able to weather the storm, and there is now every assurance that they will be able to make good their promise to meet all their liabilities-dollar for dollar. THE FRIGHTENED CROWDS. It is impossible for me to give you any idea of the intense excitement which is every where apparent in all business thoroughfures to-day. Yesterday, though the doors of the house of Jay Cooke & Co. were barred at noon, the news of the great disaster failed to reach the ear of many persons until towards evening, when it was entirely too late for them to follow their inclination in reference to withdrawing their deposits. This morning, and even up to a late hour of the day, Third street was a sea of excited men, and every banking house in town has been subjected to a constant and constantly increasing "run." WITHDRAWING DEPOSITS. About the Fidelity Trust Company's buildings the crowd was immense, and a steady line of men passed in and out the broad and lofty entrances. They besleged the cashier's desk in great numbers; but as each check was rapidly passed in it was with equal rapidity cashed. Although it was perfectly evident that the Fidelity was all right, a large percentage of the deposits being from the middle and poorer classes, the great excitement of the depositors could not be subdued, and hence the "run" has been kept up all day long. THE COMPANY SOUND. Mr. Browne, the President of the Fidelity Company, says that the "run" cannot possibly affect the concern, for they have on hand sufficient sums to meet any demand that could possibly be made. He says that the failure of Jay Cooke & Co., E. W. Clark and De Haven & Co. has no bearing whatever upon the Trust Company, because every dollar that has ever been placed in their hands was amply secured by good collaterals. The Fidelity, in order to prove to the public the groundlessness of their fears, departed from their regular rules concerning deposits which receive four per cent interest, and have returned them to the depositors upon their immediate application instead of subjecting them to give a notice of ten days before they could be drawn, as the rule requires. EXCITEMENT ON THE STREET. on Third street, which to a very saint extent cor

7. September 21, 1873 The New York Herald New York, NY
Article from The New York Herald, September 21, 1873

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THE EFFECT THROUGHOUT THE COUNTRY. How Philadelphia Takes the Financial Tidal Wave. PHILADELPHIA, Pa., Sept. 20, 1873. One of the leading morning papers, in reviewing the situation of financial matters, speaks as follows:Business in Philadelphia is conducted upon a. much more solid basis than in any other city of the country. Our regular banking institutions have strength and character, and are generally untainted with the vice of stock gambling. Our merchants are noted for their conservatism, and confine themselves to legitimate trade, leaving the getting up of corners and immense speculative ventures to their faster brethren of New York and Chicago. They may be slower than some of their neighbors, but that they are also a great deal surer is abundantly shown in the present stress of financial difficulties, and has been proved in numerous crises hitherto. By the time the journal was in the hands of its commercial readers a rumor arose that a prominent institution had closed its doors, and right in face of the editorial was announced the failure of the Union Banking Company. This company was a State institution, invested with pretty much the same power as a savings bank, and did a large business in discounting draits and orders. This morning the anxious crowd gathered about the doorway could gain no further explanation of the suspension than that expressed in the following card:Owing to the heavy pressure of demands upon us yesterday we will be compelled to suspend for a few days. Up to the time of the present writing there have been no other failures, though the run upon several institutions has been exceedingly large. At an early hour this morning, in fact the very instant the doors of THE FIDELITY TRUST COMPANY were opened to the public, a stream of people began pouring in and out, but the demands of every one were rully satisfied as they were yesterday. when at three o'clock an officer of the bank appeared at the door and said:I desire to announce that the hour for closing this bank has arrived. There are many depositors inside, all of whom will be paid as rapidly as they present their checks. All persons outside and within the range of mv voice holding paper against us are requested to enter and they will be paid after the doors close. The lact that all checks presented were promotiv

8. September 22, 1873 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, September 22, 1873

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PHILADELPHIA. The Financial Position. PHILADELPHIA, September 20. .-The Fidelity Trust Company, did not close at three o'clock yesterday afternoon. but continued to meet all demands, re= ceiving ohecks as late as five, at which time over nine hundred thousand had been paid out. Mr. Brown, the President, said be would keep open until midnight if it was necessary to show depositors that that institution was in a sound condition, and able to meet all claims. The Union Banking Company was run upon up to the hour of closing, at which time about five hundred thousand dollars had been paid out. There was a run on the First National Bauk, but it did not amount to much. It is said that neither the State nor the city funds are disturbed, the State and City Treasurers having no connection weatever with Jay Cooke & Co., or any of the endangered houses Thurd street is comparatively quiet this morning. The run on the Fidelity Trust Co, has almost entirely subsided. The Union Banking Company did not open to-day. A placard on the door states that owing to the heavy demand a suspension of a few days had been resolved upon. It sustained a heavy run yesterday, paying out about seven hundred thousand dollars. It is stated that the institution is issuing no notes, and the suspension only affects depositors. At Jay Cooke & Co's the clerks are preparing a statement to be laid before the meeting of the members of the firm on the arrival of the steamship Russia, on board of which are two of the partners.

9. September 22, 1873 New-York Tribune New York, NY
Article from New-York Tribune, September 22, 1873

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THE PANIC ELSEWHERE. ITS EFFECTS IN EUROPE. LONDON, Sept. 30.-Dispatches from Frankfort, Hamburg, Bremen, and Vienna, say DO failures have occurred in those cities on account of the NewYork panie, but that much anxiety exists in financial circles. THE SYNDICATE ACCOUNT-QUIET RESTORED IN WASHINGTON. WASHINGTON, Sept. 20.-The following was received from London to-day: Hon. WITHLIAM A. RICHARDSON, Secretary of the Treasury, Washington, D. C.: The Syndicate account is in perfect order. There is universal kind feeling toward Jay Cooke, McCulloch & A. G. CATTEL. Co., who continue business as usual. The members of the firm of Jay Cooke & Co. in this city have prepared a statement of the situation of the Washington branch of the house, and are awaiting a similar statement from the other branches of the firm. The Receiver of the First National Bank took formal possession to-day, and will at once proceed to liquidate its affairs. The run on the savings banks bas spent its force. The Freedman's met everything with great promptness, and by 2:30 they had not a depositor left at the desk. Manv who had came for their money left without taking it. At the Washington Savings Bank the run was over by noon, and the bank sound. SUSPENSION OF THE UNION BANKING COMPANY OF PHILADELPHIA. PHILADELPHIA, Sept. 20.-Third-st. is comparatively quiet this morning. The run on the Fidelity Trust Company has almost entirely subsided. The Union Banking Company, corner of Fourth and Chestnut-sts., did not open to-day. A placard on the door states that owing to the heavy demande a suspension of a few days had been resolved upon. It sustained a hea vy run yesterday, paying out about $700,000. It is a State institution, issuing DO notes, and the suspension only affects depositors. At Jay Cooke's matters are going on quietly. The clerks are busy preparing a statement to be laid before the meeting of the members of the form, which cannot take place until after the arrival of the steamer

10. September 23, 1873 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 23, 1873

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NO GENERAL PANIC- CA NUT PENSIONS-WASHINGTON LOSSES-A LEATHER HOUSE GONE UNDER-THE LATEST ADVICES. ST.LOUIS. ST. Louis, September 20.-The feeling here to-day regarding monetary affairs in York has been more anxious and an. than it was prehensive New yesterday, but still The there suspension has been no of alarm Taussy, or Gemk excitement. & Co. no owe produced perceptible effect. They little or nothing here, and therefore nobody will be hurt. The banks have curtailed their discounts but slightly. A majority of all good paper is passed promptly, and there seems to be little or no distrust. The markets on "Change to-day were a good deal unsettled. Corn and oats have declined a cent or two, and it was difficult to self any article; but this was the result of an uneasy feeling and a desire to hold of until steadiness is again restored rather than alarm. There has been no panicky feeling whatever. CINCINNATI. CINCINNATI, September 20.-The feeling in financial affairs here continues to be one of confidence. Third street to-day has been free from excitement, though inteiligence from New York has been watched with great interest and has been freely discussed. No paper has gone to protest, and the banks generally have been carrying for their customers. PHILADELPHIA. The Philadelphia Telegraph o. Saturday evening says: .. There is no such thing as borrowing money. lenders holding tenaciously to what they possess, or exacting impracticable terms from borrowers. The suspension of the Union Banking Company, it State corporation, has had an injurious effect upon the market, and caused a renewal of the 'run' at the Fidelity Trust Company, The teeling in all circles is very unsettled. In the stock market this morning prices were lower, as a rule, though it opened stronger. PHILADELPHIA, September 22.-A much better feeling prevails on the street to-day. The Stock Board is firm. Pennsylvania railroad is holding ground at 49 to 50. The bank starement will be out as 11 ual to-day, and will show a gratifying exhibit. PHILADELPHIA, September 22.-.-The normal condition of finances is rapidly improving in this city. Concerning the several banks that have suspended, it is said that all are solvent, but experienced some annoyance from the scarcity of currency. They ascribe their tumble to the refusal of the national banks to accept their checks, thus throwing them upon their own resources. Several are expected to resume to-morrow. BOSTON. BOSTON, September 20 -The firm of Horace Conu & to., of Woburn, Mass. exten. -ive leather manufacturers, suspended payment. Their liabilities amount to $100,000, and it is estimated that their assets are $150,000. s , Since the suspension, Horace Cene, the